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Carrier-neutral growth slows in 2022 amid consolidation

This short note provides a brief review of the development of the carrier-neutral network operator (CNNO) market through the third quarter of 2022 (3Q22).

CNNO revenues were approximately $23.9 billion (B) in 3Q22, up 3% YoY, and $94.8B for the annualized 3Q22 period (4Q21-3Q22), up 6% YoY. These growth rates are significantly less than the 12.5% growth seen in CY2021 and the average growth over the 2011-21 period of 16.6% per year. That’s despite the acquisition spree the sector observed in 2021, when M&A spend of $42.1B easily outpaced capex of $31.4B. This M&A and capex spending have expanded the asset base of the sector, but not helped much with revenue growth, yet. Companies point to...

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Best regards,
Matt Walker
Chief Analyst
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